Future Metals NL (ASX:FME, AIM:FME) has returned further shallow, wide platinum group metals (PGM) results from resource definition drilling at the Panton PGM Project in northern Western Australia.
A total of 19 resource definition holes were drilled as part of a 6,000-metre diamond core drilling program with strong PGM results received from two holes including:
- 140.8 metres at 1.07 g/t palladium equivalent from 28 metres, including 39.48 metres at 1.20 g/t from 37.1 metres; and
- 20.6 metres at 2.14 g/t palladium equivalent from 39 metres, 11 metres at 1.12 g/t from 64 metres and 30.6 metres at 1.21 g/t from 83 metres.
These holes also include up to 0.21% nickel while another hole returned 34.05 metres at 0.16 g/t gold + 0.14% copper + 0.17% nickel from 208.7 metres and 18.3 metres at 0.08 g/t gold + 0.13% copper + 0.16% nickel from 266.5 metres.
Looking ahead, FME is reviewing all geophysical and geological data accumulated over the 30+ years of work completed at Panton to identify trends in mineralisation that sit outside of the known chromitite reefs to identify potential follow-up disseminated or massive sulphide targets.
“Massive sulphide zones”
FME CEO Jardee Kininmonth said: “These results exceed expectations on the mineralised width of the Panton orebody, providing further evidence of mineralisation extending well beyond the footwall of the middle reef.
“The intercept of 140.8 metres at 1.07 g/t palladium equivalent includes significant zones of sulphide mineralisation cross-cutting the chromitite reefs, demonstrating the presence of disseminated or massive sulphide zones outside of the currently targeted chromitite reef-driven mineralisation.
“Evidence of these broad sulphide zones exists through much of the historical drill data which the company is currently analysing to provide follow up targets for the next drill season.”
Drilling results
FME has received assay results for a further two of the 19 resource definition holes and continue to confirm much broader widths of shallow PGM mineralisation than modelled in the current 2.4-million-ounce mineral resource estimate (MRE).
Assay results are pending for a further 47 drill holes comprising 14 holes recently drilled by the company and 33 historical drill holes that were not previously sampled through the footwall of the Upper Reef.
Forward work
Once the remaining assay results have been received, the company will incorporate the new results into an updated JORC mineral resource estimate (MRE) that will encompass shallow, bulk PGM-nickel mineralisation up to 20-40 metres in thickness.
This sits outside of the current JORC MRE of 14.32 million tonnes at 4.89 g/t PGM and 0.31 g/t gold for 2.4 million ounces of contained PGM and gold.
In addition, metallurgical flotation test-work is underway on both high-grade and low-grade representative composite samples from the previously reported metallurgical holes.
FME remains in a strong financial position, with cash at bank of A$5.6 million to further its exploration activities.